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NZ's Sky and Vodafone hold off on cancelling deal contract

Reuters - UK Focus

WELLINGTON, March 1 (Reuters) - Sky Network Television (Frankfurt: A0ETX2 - news) will not yet cancel its agreement to buy Vodafone's New (KOSDAQ: 160550.KQ - news) Zealand unit after the country's competition regulator rejected the proposal, the firms said in a stock exchange statement.

The sale and purchase agreement allowed either company to cancel the deal if it had not been completed by Feb. 28, but both firms said in a statement from Sky (Frankfurt: 893517 - news) they were not planning to terminate the contract.

(Reporting by Charlotte Greenfield; editing by Andrew Roche)